What’s the Real Estate Trend this Year?
In a competitive marketplace like real estate, how do you make sure you can get the house that you want? And how do you deal with unexpected things that could happen under a contract? Erin has some great insights to share with us as real estate is something she is passionate about and really enjoys doing.
It's been such a crazy market and a lot of people usually are interested or have questions about what's going or what's expected coming down the pike in the future. The market is still very busy this time of year although we hear all the time that there is no inventory or it’s incredibly difficult trying to get buyers into homes. That doesn't mean that there’s no success.
One of the things that Erin and her team are really focused on is listings because the inventory is so short and that's the place where they see the path to least resistance. When talking about goals, Erin mentioned that there could be some unexpected things that can happen even after getting an offer accepted. It's always something that they have to deal with but with the right professionals like Erin and her team, they navigate through it and keep the deal on track with the help of some creativity and problem-solving skills.
She also works with a long list of reliable vendors like initial photography for a home listing, a house inspector, plumbers, and electricians. So if you need anybody or you know somebody that needs help with this, she’d be happy to have a conversation and help them in any way that she can.
Even in a competitive marketplace, with the help of the right agent by your side, you can get the house that you want.
Knowledge is the key and using an agent that's knowledgeable, somebody that has the relationships with the other agents. Somebody that reaches out and knows what the seller is looking for, all of those things play such a key part in getting an offer accepted.
Real Estate Trend
Erin also mentioned that the market is expected to slow down a little bit later this year because interest rates and mortgage rates are expected to go up. Starting March, there’ll be different intervals throughout the year and the market is expecting more traits to jump up quite a bit, so if you're planning to move in the next 30 days or so you can have the 30 days lock in period. Erin is ready to meet new clients and be happy to speak to them personally. She can give you advice and guide you in any way that she can whether they work with her or not.
Q&A with Erin
Dennis: What is the average time from contract to close?
Erin: “Right now I have people wanting quick closes because they've been looking for a house for so long they're ready to move. Usually, cash is going to close faster. I have a mortgage deal now and they want to close in 30 days. We just had a pipe burst through on that one so we'll see if that happens but usually, 45 or so unless something crazy kind of pops up like a pipe bursting. Just last fall, I had a leaking oil tank underground that delayed us quite some time but 45 days 60 at the absolute longest.”
Randy: What is your suggestion if someone's renting and they're trying to buy a house but their lease isn't up till the summer but they find a house in March. Do you break the lease?
Erin: “Sometimes working with an individual landlord is different from working with a larger management company. Everybody has different rules, and they can be pretty reasonable. If you've been there for a while and you can say ‘listen this is what I'm doing, I’m looking for a home, find something soon. Would you let me out of my lease if I give you 60 days' notice?’. That usually gives you enough time to close and gives you a little bit of time to transition from one place to another and get your move done. That's usually what I recommend, ask your landlord, tell them what's going on. If you've been there and have a good rapport with them, they're usually pretty accommodating. What works in your favor right now is that the rental market is even pretty hot. We get calls every day, every week. People are looking for one and two-bedroom apartment rentals and I'm maxed out, I don't have anything. Their position might be, what and if Randy leaves in March or April that works for us because I can get more rent for his unit.
Give yourself some time but the sooner you can lock in a mortgage rate you should because I believe it's like March is the expected time frame where they're going to expect them to shoot out a bit like three and a half now or three and a quarter.”
Andrea: “That's about right. Yesterday it was 3.3 and it's gonna creep up, that's the truth of it. The biggest thing that I'm running into is that a lot of the lenders, especially the ones that don't have any accountability systems in place, they're not closing them in time and some people are having their locks expire. This is significant when you know you're budgeting yourself for your home and all of a sudden your payment goes up to $300 a month because you're gonna pay to have your lock extended which will cost you even more.
That's something that I've been noticing. So just make sure that people are locking in for enough time. Yes, you want to lock in for 30 days because you want to close but that doesn't mean you're going to close in 30 days. Make sure that they're being realistic with how long they need to lock in for. For every $400 you're looking at maybe 50 bucks difference in payment if it's gonna make or break you. If somebody needs the math done just give me a call.”
ABOUT ERIN MYERS
As a professional Realtor, Erin's goal is to make the buying, selling, or renting process as easy as possible for her clients. She loves working with builders, flippers, and investors.
Get to know Erin Myers more!
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